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tv   [untitled]    March 8, 2011 11:00am-11:30am PST

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that's right. it's a terrific book and a great read. it's been a pleasure to have you. thank you, david. thank you, ken. our guest has been david margolick. his latest book is strange fruit: billie holiday, cafe society, and an early cry for civil rights. i'm ken paulson. we'll be back next week with another conversation about the first amendment, the arts, and american culture on speaking freely. captioning provided by the freedom forum first amendment center. captioning by tate at captionmax www.captionmax.com
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>> thanks for coming today. we are announcing are temporary homeowner's property tax reduction program. this is what most assessor's up and down the state are doing. homeowners are reliable -- of all property owners are eligible for a temporary, 1-year
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property-tax assessment reduction if they believe or if we believe dave -- the assess the value has fallen above their market value, which means that the value would be lower than the market value. in general, homeowners who are eligible, chances are, they purchased homes after 2003. we do get applicants who have owned homes since 1995 or earlier. in general, anybody who is owned their home prior to 2003, they are doing well, which is good news. chances are the market value is higher than the assessed value, meaning the property appreciate it. people we are able to offer little relief for, the sad news is, their homes have depreciated. there will be a little bit of relief for them. in general, last year, we saw 6400 applicants in comparison to
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four years ago when we had 248 requests. the form a simple. it is one page. name, telephone number, e-mail, and the address you are applying for. if you can give us sales in formation of similar types of homes, we do hope you can give us that. if you cannot come maternity leave blank and sign it. e-mail or fax it to us -- if you cannot give us that, leave it blank and sign it. e-mail or fax it was. tenderloin downtown, south of market, mission bay, and south beach. those were many of the new high- rise condominiums that went in to market the last four or five years. we have seen a significant amount of depreciation in those areas. gaviria that has seen the largest value drop is -- the other area that has seen the
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largest volume drop is the outer mission, amazon, those areas have seen the largest percentage drop. it is where we have been hit hardest with foreclosures. we make sure that we take an extra look. we proactively have been reviewing every home that was purchased after 2000. even though we think eligibility is for people up to 2003, we review any homeowner who purchased after 2000. that was roughly about 15,000 homeowners. of that, reduced -- no one had to apply or call us. we did this on our own. we reduced 10,000 of those homeowners. roughly, you have 10,000 reductions that we did on our own. 1700 reductions were done through this application process. 5000 time shares is how you get to the 17,000 number. just to give you a comparison,
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it is quite a bit in san francisco. these are huge numbers, larger than the dot com bust. alameda and santa clara did about 1000 come a tenfold. -- 1000, tenfold. we are doing better than our counterparts in other parts of the bay area. i feel fortunate. the tax reduction was about 21 million in taxes that were not collected. 21 million in taxes were not collected. that is a significant number. it is out of a $6.5 billion budget. overall, the difference to the city is still rather small compared to what it meant to many of the other counties in other areas. let me stop there and take questions. >> [inaudible]
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>> 6462. of those, we actually reviewed only 4177. many of those were already reviewed. we have actively reviewed them. some of them were not eligible. >> [inaudible] >> anybody who has gotten a reduction, they don't need to apply. we will look at it again. if you have gotten a reduction through an appeal or through our office, they don't need to apply again. they will be reviewed. they may want to apply because maybe they want to give us information we don't know. they are free to do that. that will be reviewed as part of that process. in general, they don't need to submit paperwork if they already got a reduction last year. >> [inaudible]
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>> well, i think because it is just flat, the market has not rebounded and gone up. we will probably see the same number of people deserve reductions last year. i think it will be comparable. traditionally, an economic recovery is like a v. this is more like a u. we're at the bottom of it right now. my feeling is we are going to see, you know, a very unusual real-estate market in san francisco. it will be flat and not appreciate a whole lot right now. the number people who are eligible is probably similar to last year. i bet we will give about the same number of reductions this year as we did last year. it will not be that much
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different. >> [inaudible] >> anybody that was reviewed -- everybody in san francisco got a letter from us in july. they were told what their assessed value was. there were told that they got a reduction. if they got a reduction based on the letter, they don't need to reapply. what people do is we will review applicants. the deadline is march 31. all 17,000 who got reductions will be reviewed automatically. everyone will get notified again in july. we will not talk to anybody prior to that. everyone else will be getting the standard notification in july. >> [inaudible] you review these every year. >> every year. the reductions we review every year. as the market appreciates, we may take their assessments up based on what the market value
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is. they may go all the way back up to the factor value. it may go up partially higher. obviously, that is what he would see. you would see a step over the years to include the appreciation based on what the market is feeling. right now, we are not seeing a whole lot of appreciation. chances are, the assessment will be a little bit different than last year. the original purchase applies plus whatever the inflation factor was on an annual basis. in general, up to 2%. we had a negative inflation factor for the first time last year. everybody got a reduction last year. >> [inaudible] >> this year, cpi based on the final number we saw, is. 5% positive. it is still well below 2%. -- is .5% positive.
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it is still well below 2%. the economy is still rather flat. >> [inaudible] >> everybody who does not get a reduction will get a .5% increase in their assessment. that is just a proximate. it will probably be pretty close to that. we can show you the website. we follow the same website. it is the state cpi. it is a tracking mechanism for the state. >> [inaudible] >> i think there will vote to finalize in the next month or two. i think the number is done. >> overall, when all is said and done, what is the amount that
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you're going to receive [inaudible] >> for reductions, it will really just depend on how much your property might have depreciated or appreciate id. some areas where maybe there was a 5% or 3%, the good news in san francisco, we have not seen a few drops we saw in other parts of the bay area, like solano, or properties dropped 50%. you don't want that. you want your property to appreciate. that is the goal. it might be $50, $100, maybe a few hundred dollars. it and will not be anything huge -- it will not be anything huge. >> [inaudible] >> over last year, it was a $21 million difference. because of the temporary reductions in homeowners values, there was $21 million that was
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not collected by the county. let's put that in context of the $6.5 billion budget. >> [inaudible] >> the total property tax collected is about $2 billion. overall, we are doing quite well. >> [inaudible] >> overall, property-tax as have done extremely well the last five, 10 years. we have seen huge increases overall. >> [inaudible] >> no idea. if i did, i should be in las vegas placing a bet, or should be in new york making more money than i am here. the controller's office is probably tracking it more than us. we don't know. we have seen -- we have seen several governments pumped $1
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trillion into the economy. it is a huge amount of money. we have seen some improvements, but not the ones they were hoping for. great. ok. thanks, everybody.
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